Mannerisms

That's not because one has it in for the software guys, but because they've been getting a lot of VC money in recent years, which might have been better spent on semiconductors.

For the last four to five years, the biggest area of investment for UK VC money was software companies.

However, it now appears that the VCs are beginning to realize that growing software companies is a lot more complex than they originally thought.

Apparently, VC portfolios are stuffed with software companies which have reached a level of sales around the two to three million quid, but are unable to grow past that.

So the VCs are moving towards increasing their investments in semiconductors.

Whereas, with software, it's difficult to know what's good and what's not, with semiconductors it's easier to get to the bottom of what's there.

Furthermore, those VCs which were investing in semiconductors seven or eight years ago, and have survived the intervening years, are the people who really understand the market, and can make better calls.

So that's good news for UK semiconductor entrepreneurs.